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- Oil prices plummeted on Thursday as traders took in higher US inventories and waning demand in China.
- The US crude inventories jumped by 3.6 million barrels last week, the EIA said Wednesday.
- Meanwhile, China's oil refineries saw output slump, stoking concerns about waning fuel demand.
Oil prices plummeted on Thursday, thanks to a recent boost in US crude inventories and concerns that demand in China will continue to soften.
Brent crude, the international benchmark, slid 3.7% to $78.15 a barrel. Meanwhile, West Texas Intermediate crude tumbled 4.1% to $73.50 a barrel.
On Wednesday, the Energy Information Administration said US crude inventories jumped by 3.6 million barrels last week, about double the 1.8 million-barrel increase expected in a Reuters analyst poll.